NORWALK, Conn.--(BUSINESS WIRE)--June 29, 2006--GE Commercial Finance Global Sponsor Finance today announced it is the administrative agent for $850-million of senior secured credit facilities for United Agri Products ("UAP" or "the Company") (NASDAQ "UAPH"). GE Capital Markets and GS Credit Partners served as joint lead arrangers and joint bookrunners.
The financing consists of a $675-million 5-year ABL revolving credit facility and a $175-million 6-year term loan.
UAP is the largest independent distributor of agricultural and non-crop inputs in the United States and Canada. The Company markets a comprehensive line of products including chemicals, seed, and fertilizer to growers and regional dealers. As part of the Company's product offering, it provides a broad array of value-added services including crop management, biotechnology advisory services, custom blending, inventory management and custom applications of crop inputs.
"GE was able to provide a creative overadvance structure and eliminate high cost capital under the facility. Our deal team quickly and reliably delivered a flexible capital structure solution," said Tony McCord, Managing Director of GE Commercial Finance Global Sponsor Finance.
"GE's market leading asset-based expertise, combined with diverse distribution capabilities, resulted in an optimal financing solution which mirrored UAP's unique working capital requirements," said Jim Fisher, Managing Director, GE Capital Markets.
David W. Bullock, United Agri Products chief financial officer added, "Given our operational momentum in recent years, we expect this successful restructuring will allow us to continue with our current strategy. We appreciate how GE has proven that it is responsive and supportive of UAP and our management team's plans for growth at UAP."
About United Agri Products
UAP Holding Corp. is the holding company of United Agri Products, Inc., the largest independent distributor of agricultural inputs and professional non-crop products in the United States and Canada. United Agri Products markets a comprehensive line of products, including chemical, seed, and fertilizer, to growers and regional dealers. United Agri Products also provides a broad array of value-added services, including crop management, biotechnology advisory services, custom blending, inventory management, and custom applications of crop inputs. United Agri Products maintains a comprehensive network of approximately 340 distribution and storage facilities and three formulation and blending plants, strategically located throughout the United States and Canada. Additional information can be found on the company's website, located at www.uap.com.
About GE Commercial Finance Global Sponsor Finance
With over $8 billion in assets, and offices in Boston, Chicago, Dallas, London, Los Angeles, New York, and San Francisco, GE Commercial Finance Global Sponsor Finance represents a "one-stop " source for the comprehensive range of GE's lending and other structured financial services offered to the private equity sponsor market. For more information, please visit www.gegsf.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892